[Form 4] HALLADOR ENERGY CO Insider Trading Activity

Rhea-AI Filing Summary

David C. Hardie, a director of Hallador Energy Company (HNRG), reported sales of common stock on September 29 and September 30, 2025. The Form 4 shows four sale transactions totaling 173,783 shares sold: 55,337 and 18,446 shares on 09/29/2025 at a weighted average price of $19.6484, and 75,000 and 25,000 shares on 09/30/2025 at a weighted average price of $19.5285. After the transactions, the Form 4 reports beneficial ownership of 1,659,929 shares indirectly by Hallador Alternative Assets Fund LLC and 46,072 shares indirectly by the David Hardie Separate Property Trust. The filing is signed by Mr. Hardie on 10/01/2025 and includes footnotes disclosing the price ranges underlying the weighted averages and an offer to provide share-by-share pricing information on request.

Positive

• None.

Negative

• Director David C. Hardie sold 173,783 shares in open-market transactions on 09/29/2025 and 09/30/2025, which is a notable insider sale disclosure
• The transactions reduce the director's direct/indirect share counts from prior levels to reported post-transaction holdings of 1,659,929 (Hallador Alternative Assets Fund LLC) and 46,072 (David Hardie Separate Property Trust)

Insights

Financial Analyst

TL;DR: Director David Hardie reported significant open-market sales totaling 173,783 shares at ~ $19.53–$19.65, with substantial remaining indirect holdings.

The transactions are disclosed as routine Form 4 sales executed on 09/29/2025 and 09/30/2025 at weighted average prices reflecting trades within reported ranges. The filing shows that material ownership remains concentrated through indirect holdings: 1,659,929 shares held by Hallador Alternative Assets Fund LLC and 46,072 shares held by the David Hardie Separate Property Trust. The report includes footnotes clarifying weighted-average price ranges and an undertaking to provide detailed per-price quantities if requested. From a financial perspective, the disclosure updates insider liquidity activity without providing information on motivation or company operational changes.

Corporate Governance Expert

TL;DR: The Form 4 documents insider sales by a director but retains substantial indirect beneficial ownership, and contains required explanatory footnotes.

The filing complies with Section 16 reporting requirements showing four sale events and includes the reporting person’s signature. It specifies the ownership form as indirect and cites the entities holding the shares. Footnotes disclose that the reported prices are weighted averages from multiple trades and offer to provide granular pricing details on request, which aligns with transparency expectations. The filing does not disclose any changes in board status or other governance actions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

HARDIE DAVID C

(Last) (First) (Middle)

555 DALE DRIVE

(Street)

INCLINE VILLAGE NV 89451

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HALLADOR ENERGY CO [ HNRG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/29/2025		S		55,337	D	$19.6484(1)(3)	1,734,929	I	By Hallador Alternative Assets Fund LLC
Common Stock	09/29/2025		S		18,446	D	$19.6484(1)(3)	71,072	I	By David Hardie Separate Property Trust
Common Stock	09/30/2025		S		75,000	D	$19.5285(2)(3)	1,659,929	I	By Hallador Alternative Assets Fund LLC
Common Stock	09/30/2025		S		25,000	D	$19.5285(2)(3)	46,072	I	By David Hardie Separate Property Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.50 to $19.87, inclusive.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.40 to $19.685, inclusive.

3. The reporting person undertakes to provide to Hallador Energy Company, or any security holder of Hallador Energy Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes to this Form 4.

	/s/ David C. Hardie	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did HNRG director David C. Hardie report on Form 4?

The Form 4 reports four sales on 09/29/2025 and 09/30/2025 totaling 173,783 shares at weighted average prices of $19.6484 and $19.5285.

How many HNRG shares does Mr. Hardie beneficially own after these transactions?

After the reported sales, the filing shows 1,659,929 shares indirectly owned by Hallador Alternative Assets Fund LLC and 46,072 shares indirectly owned by the David Hardie Separate Property Trust.

Were the reported prices single prices or averages?

The filing states the reported prices are weighted averages and footnotes disclose the trade price ranges: $19.50–$19.87 for 09/29 sales and $19.40–$19.685 for 09/30 sales.

When was the Form 4 signed by the reporting person?

The Form 4 is signed by David C. Hardie on 10/01/2025.

Does the Form 4 disclose any derivative transactions?

No. Table II for derivative securities contains no reported transactions in this filing.